OCR Text |
Show Revenue Tax Notes approved; work on Plant continues advised Cedar City Corporation that the money would be available shortly after July i, 1976. Cedar City officials, therefore, have found it necessary to borrow funds to meet the progress payments to contractors con-tractors working on the Waste Water Treatment Plant. Cedar City Corporation opened bids for a $500,000 Revenue-Tax Anticipation Notes at noon, June 16, 1976.- State Bank of Southern Utah was the successful bidder with an annual interest percentage rate of 4.3 percent on each of (5) five $100,000 notes. Cedar City Corporation Cor-poration called for the loans in order to satisfy contractual obligations in construction of the new Cedar City Waste Water Treatment Plant. Cedar City Corporation has an agreement with the U. S. Environmental En-vironmental Protection Agency, wherein EPA was to provide $500,000 for construction progress payments during the quarter April 1, 1976 to June 30, 1976. Due to fiscal problems, EPA was unable to meet the payment schedule and have |